Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
In the press launch, Cho says that he is “unbelievably pleased” of his team’s capabilities and dedication to seek an appropriate customer for the large transaction, amid a subdued business property market. “This transaction has actually been taken into consideration a wise financial investment move by KB Asset Management, as it secures a steady capital from Samsung SDS utilizing the building as its headquarters. This factor likewise really helped entice major Korean entrepreneurs to the arrangement,” Cho states.
The deal is the very first significant deal that real estate market veteran Sungwook Cho, regulating director and chief of funding markets of Colliers Korea, has achieved ever since stepping into the job at the Nasdaq and Toronto Stock Exchange-listed varied skilled services and financial investment management corporation in July.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the most extensive sell the South Korean industry to day this year, according to a news release by the firm on Nov 8.
In May, Cho’s team got awareness following their effective closure of three major transactions with a merged market value of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major purchases built in the major business areas of Seoul at the moment.
Colliers’ Asia Pacific managing executive of international funding industry Chris Pilgrim commends the group’s determination and perseverance that acquired a suitable customer for the prime business office space real estate. “The value of the sale of the Samsung SDS Tower to KB Asset Management exists not just in the largest deal price of the year, however also in the possibility for further investment in prime-rate structures in the Korean current market,” Pilgrim puts in.
The sale of the real estate– which began in the 2nd half of last year– also marks the greatest single-asset workplace transaction in the Asia Pacific area so far this year. The 1,071,407 square feet property is located in the extended area of the Gangnam Business District.